Administration d’actifs

Market consolidation, pressure on cost and the weight of regulation have reduced the total number of Management Companies in Luxembourg by four last year. The latest edition of PwC’s annual Manco Observatory nevertheless sees this industry as “very dynamic”, with 11 new Manco’s having been set up in the last year.

Fund management companies registered some 22 new reserved alternative investment funds (Raifs) in April 2023, according to publicly-released data updated on 15 May.

This development brings the total for this year so far to 128. Considering only the first four months of the year, the total number was down 20 per cent from last year during the same period.

Luxembourg now has some 2,288 registered Raifs. In 2022, The Luxembourg Business Registers recorded 482 new Raifs, at an average of over 40 new Raif registrations every month.

Financial services provider Apex Group on Tuesday said it has closed its acquisition of the data and analytics division of troubled London-based asset services provider MJ Hudson Plc. The deal includes part of MJ Hudson’s business in Luxembourg. The acquisition of the firm’s regulated business units remains remains to be closed as it is still subject to regulatory approval, Apex said. 

European Fund Administration, the Luxembourg-based asset services unit of Frankfurt-headquartered management company Universal Investment, on Monday said it is rebranding to «efa», as part of its integration journey into Universal Investment.

Since its inception in 1996, European Fund Administration has expanded its services and client base in Europe and elsewhere in the world. Its original acronym, designed as a symbol for quality, trust, and reliability in the fund industry, will cease to be an acronym and become the name of the company, the firm said.

Brown Brothers Harriman (Luxembourg) S.C.A. said on Thursday it has been selected by Schroders Capital as central administrator and depositary bank for the launch of its first European Long-Term Investment Fund, or Eltif.

Luxembourg-based fund administrator Alter Domus said on Thursday that it has  acquired the Solvas suite of business IT solutions from Deloitte Touche LLP, a subsidiary of Deloitte LLP, for an undisclosed amount.

European Depositary Bank, a Luxembourg-headquartered provider of banking, depositary and custody solutions that is part of the Apex Group, on Wednesday said it has appointed executive board member Holger Barth as global head of banking depositary. 

The appointment further bolsters EDB’s governance, which had been problematic for a number of years.

Division of labour creates economies of scale and thus efficiency gains - this truth has been at the heart of economics since the days of Adam Smith and David Ricardo. Only in recent years has it gained momentum in the world of real estate funds. 

While the division of labour between fund initiators, capital management companies and institutional investors can be seen as one of the most significant trends, it remains one of the most underestimated trends in the industry as well.

Dublin-headquartered asset services specialist Waystone on Thursday announced that it has agreed, following years of discussions, to acquire the UK and Irish business of Link Fund Services for an undisclosed amount from its Australian parent. Link’s Luxembourg-based fund services are being put of for sale, as is its operation in Switzerland.

“Link Group is proposing to pursue a separate sale of the Luxembourg and Swiss entities which form part of the FS Business,” a company spokesperson said.

Etienne Rougier has been appointed as Chief Operating Officer at Universal Investment Group. He joins from Alliance Bernstein. As of this week he is responsible for driving and transforming the business to support its overall growth strategy.